Tata Steel to buy 19.9 percent stake in Canadian mining firm

October 1st, 2008 - 10:32 pm ICT by IANS  

New Delhi, Oct 1 (IANS) Singapore-based Tata Steel Global Minerals Holdings Pte Ltd (TSGM), a wholly-owned indirect subsidiary of Tata Steel Ltd, Wednesday announced it will acquire 19.9 percent stake in the Canadian mining major New Millennium Capital Corp for $22.6 million.TSGM will also acquire, at its option, 80 percent stake in NML’s direct shipping ore (DSO) project located in the provinces of Newfoundland and Labrador, and Quebec, a company statement said.

The agreement provides exclusivity to Tata Steel with respect to both the DSO projects and the LabMag taconite iron ore property located in Newfoundland and Labrador, which is 80 percent owned by NML and 20 percent by the local community, Naskapi Nation of Kawawachikamach.

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